The Companys Obligations Upon Termination. Following the termination of your employment under the circumstances described below, the Company shall pay to you the following compensation and provide the following benefits in full satisfaction and final settlement of any and all claims and demands that you now have or hereafter may have against the Company in connection herewith subject to your executing and delivering a release to the Company as provided in Section 3.4 below prior to the provision of the compensation and benefits set forth below: (a) Termination Without Cause by the Company or with Good Reason by You or Failure by the Company to Extend Your Term. In the event that your employment shall be terminated by the Company pursuant to Section 3.1(b) hereof or upon expiration of the initial or any renewal term of this Agreement or pursuant to written notice by you in accordance with Section 3.1(b) hereof, you will be entitled to the payment of your annual base salary for a period of six (6) months from the date of termination or expiration, as the case may be, subject to an obligation on your part to seek gainful or other employment during such six (6) month period. In addition, any CFO Options which have vested and remain unexercised prior to the date of termination of the CFO’s employment by the Company pursuant to Section 3.1(b) hereof or upon expiration of the initial or any renewal term of this Agreement or pursuant to written notice by you in accordance with Section 3.1(b) hereof shall remain exercisable and will not terminate until the date which is six (6) months after such termination, expiration or written notice. In the event that you obtain employment in any capacity or in any position (including, but not limited to, any income you earn as an employee, consultant, agent, representative, principal, officer, or director) with any person or entity in the pharmaceutical and/or biotechnology industries during such six (6) month period, any payments due from the Company under this Section 3.29(a) shall be reduced, on a dollar for dollar basis, by the amount of any income generated by you pursuant to such employment up to three months of severance salary.
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The Companys Obligations Upon Termination. Following the termination of your employment under the circumstances described below, the Company shall pay to you the following compensation and provide the following benefits in full satisfaction and final settlement of any and all claims and demands that you now have or hereafter may have against the Company in connection herewith subject to your executing and delivering a release to the Company as provided in Section 3.4 4.4 below prior to the provision of the compensation and benefits set forth below:
(a) Termination Without Cause by the Company or with Good Reason by You or Failure by the Company to Extend Your Term. In the event that your employment shall be terminated by the Company pursuant to Section 3.1(b4.1(b) hereof or upon expiration of the initial or any renewal term of this Agreement or pursuant to written notice by you in accordance with Section 3.1(b4.1(b) hereofthereof, you will be entitled to the payment of your annual base salary for a period of six twelve (612) months paid monthly from the date of termination or expiration, as the case may be, subject to an obligation on your part to seek gainful or other employment during such six (6) month period. be In addition, any CFO CEO Options which have vested and remain unexercised prior to the date of termination of the CFO’s CEO's employment by the Company pursuant to Section 3.1(b4.1(b) hereof or upon expiration of the initial or any renewal term of this Agreement or pursuant to written notice by you in accordance with Section 3.1(b4.1(b) hereof shall remain exercisable and will not terminate until the date which is six (6) months three years after such termination, expiration or written notice. In the event that you obtain employment in any capacity or in any position (including, but not limited to, any income you earn as an employee, consultant, agent, representative, principal, officer, or director) with any person or entity in the pharmaceutical and/or biotechnology industries during such six (6) month period, any payments due from the Company under this Section 3.29(a) shall be reduced, on a dollar for dollar basis, by the amount of any income generated by you pursuant to such employment up to three months of severance salary.
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The Companys Obligations Upon Termination. Following the termination of your employment under the circumstances described below, the Company shall pay to you the following compensation and provide the following benefits in full satisfaction and final settlement of any and all claims and demands that you now then have or hereafter thereafter may have against the Company in connection herewith with this Agreement and the termination of your employment that are lawfully released by the release described in Section 4.3 below, subject to your executing and delivering a release to the Company as provided in Section 3.4 4.3 below prior to the provision of the compensation and benefits set forth below:
(a) Termination Without Cause by the Company or with Good Reason by You or Failure by the Company to Extend Your TermRenew the Initial Term or any extended term. In the event that your employment shall be terminated by the Company pursuant to Section 3.1(b4.1(b) hereof or upon expiration of the initial or any renewal term of this Agreement or pursuant to written notice by you in accordance with Section 3.1(b4.1(b) hereof, you will be entitled to the continued payment of your annual base salary Base Salary (less required tax withholding) for a period of six twelve (612) months from the date of termination or expiration, as the case may be, subject to an obligation on your part to seek gainful or other employment during such six (6) month period. In addition, any CFO Options options within the CEO Grant which Dx. Xxxxxx X. O’Neill October 26, 2005 Page 6 have vested and remain unexercised prior to the date of termination of the CFO’s your employment by the Company pursuant to Section 3.1(b4.1(b) hereof or upon expiration of the initial or any renewal term of this Agreement or pursuant to written notice by you in accordance with Section 3.1(b4.1(b) hereof shall remain exercisable and will not terminate until the date which is six (6) months after such termination, expiration or written notice. In addition, the event Company shall reimburse you for any expenses incurred through the date of such termination in accordance with Section 3.5 hereof, shall pay you for any vacation time that you obtain employment in had earned but not used through the date of termination, at your final base rate of pay, shall pay you for any capacity or in any position (includingBase Salary earned, but not limited topaid through the date of termination, and shall pay you for any income you earn as an employee, consultant, agent, representative, principal, officer, unpaid bonus awarded (or directorrequired to be awarded based on the full achievement of one or more pre-established and fully objective criteria) with any person or entity for the year preceding the year in the pharmaceutical and/or biotechnology industries during such six (6) month period, any payments due from the Company under this Section 3.29(a) shall be reduced, on a dollar for dollar basis, by the amount of any income generated by you pursuant to such employment up to three months of severance salarywhich termination occurs.
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The Companys Obligations Upon Termination. Following the termination of your employment under the circumstances described below, the Company shall pay to you the following compensation and provide the following benefits in full satisfaction and final settlement of any and all claims and demands that you now have or hereafter may have against the Company in connection herewith subject to your executing and delivering a release to the Company as provided in Section 3.4 4.4 below prior to the provision of the compensation and benefits set forth below:
(a) Termination Without Cause by the Company or with Good Reason by You or Failure by the Company to Extend Your Term. In the event that your employment shall be terminated by the Company pursuant to Section 3.1(b) hereof or upon expiration of the initial or any renewal term of this Agreement or pursuant to written notice by you in accordance with Section 3.1(b4.1(b) hereof, you will be entitled to the payment of your annual base salary for a period of six twelve (612) months from the date of termination or expiration, as the case may be, subject to an obligation on your part to seek gainful or other employment during such six twelve (612) month period. In addition, any CFO CEO Options which have vested and remain unexercised prior to the date of termination of the CFOCEO’s employment by the Company pursuant to Section 3.1(b) hereof or upon expiration of the initial or any renewal term of this Agreement or pursuant to written notice by you in accordance with Section 3.1(b4.1(b) hereof shall remain exercisable and will not terminate until the date which is six (6) months after such termination, expiration or written notice. In the event that you obtain employment in any capacity or in any position (including, but not limited to, any income you earn as an employee, consultant, agent, representative, principal, officer, or director) with any person or entity in the pharmaceutical and/or biotechnology industries during such six twelve (612) month period, any payments due from the Company under this Section 3.29(a4.2(a) shall be reduced, on a dollar for dollar basis, by the amount of any income generated by you pursuant to such employment up to three six months of severance salary.
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